associate sponsors


Wall Street slips as Trump tweet pummels drug stocks | Reuters

By Yashaswini Swamynathan

Healthcare stocks took a hammering on Tuesday, dragging the major U.S. indexes lower, after President Donald Trump tweeted about lowering drug prices.Trump said he was working on a new system to increase competition in the drugs industry and bring down prices.The S&P 500 healthcare index .SPXHC plunged 0.91 percent, setting it up for its worst day since Jan. 11, when Trump said drugmakers were "getting away with murder" by charging high prices.Johnson & Johnson (JNJ.N) was the top drag on the S&P 500 and the Dow Jones Industrial Average, while Amgen had a similar influence on the Nasdaq.The healthcare selloff could lead to the first back-to-back losses for the S&P 500 and the Dow in more than one month.

Nine of the other 11 major S&P sectors marked slight losses as investors position themselves for an interest rate hike next week.The Federal Reserve has left no stone unturned in preparing the markets for tighter monetary policy, with an unusual number of key officials including Fed Chair Janet Yellen hinting at a rate hike in the central bank's March 14-15 meeting.The chances for a rate hike this month are at 83 percent, up from roughly 30 percent at the start of last week, according to Thomson Reuters data.

At 9:35 a.m. ET (1435 GMT), the Dow .DJI was down 28.62 points, or 0.14 percent, at 20,925.72, the S&P 500 .SPX was down 4.79 points, or 0.20 percent, at 2,370.52 and the Nasdaq Composite .IXIC was down 7.35 points, or 0.13 percent, at 5,841.82.Newly minted shares of Snapchat owner Snap Inc (SNAP.N) fell 8.5 percent to $21.70 after a group representing large institutional investors asked stock index providers to bar the company and others who sell non-voting shares from their stock benchmarks.Nimble Storage (NMBL.N) soared 45 percent after Hewlett Packard Co (HPE.N) said it would buy the data storage provider for $1.09 billion in cash. HPE's stock was marginally lower.

Dish Network (DISH.O) was up 4.4 percent at $63.98 after the satellite TV company was picked to join the S&P 500.Declining issues outnumbered advancers on the NYSE by 1,683 to 835. On the Nasdaq, 1,257 issues fell and 892 advanced.The S&P 500 index showed five new 52-week highs and three new lows, while the Nasdaq recorded 11 new highs and 16 new lows. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Saumyadeb Chakrabarty)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date: Mar 07, 2017 22:07 PM

Also Watch

Watch: The true stories from Dharavi that inspired Rajinikanth's Kaala
  • Thursday, March 8, 2018 Watch: Cyrus Khan talks about Parkour, jumping across walls and why he hates sitting
  • Thursday, May 31, 2018 Unwind: India's basketball sensation Amjyot Singh has his eyes set on becoming an NBA regular
  • Monday, May 28, 2018 First Day First Showsha — Review of Solo: A Star Wars Story in 10 questions
  • Saturday, May 19, 2018 Social Media Star: Rajkummar Rao and Bhuvan Bam open up about selfie culture, online trolls

Also See

{if $hideJSforEU != 'yes'} {/if}